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- USD/SGD is currently trading around 1.3590 marks.
- It made intraday high at 1.3622 and low at 1.3589 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3625 levels.
- A daily close below 1.3554 will drag the parity down towards key supports at 1.3422(April 11, 2016 low), 1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Alternatively, a sustained close above 1.3625 is required to test key resistances at 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend.
- Today Singapore released unemployment rate with flat numbers at 1.9%. In addition, Singapore’s Q1 total employment +13,000 vs advance estimate of +11,400.
We prefer to take short position in USD/SGD at 1.36, stop loss 1.3654 and target 1.3554/ 1.3422 marks.
